General Revenue Bonds and Notes
About | Highway and Bridge Trust Fund | State Personal Income Tax |
General Revenue | General Revenue Junior Indebtedness Obligations
September 2021 Report of Traffic Engineer: NYSTA T & R Report 
| Bond Sales: Current Issues | Recent Issues | Schedule of Debt: 2022 | 2021
General Revenue Bond Resolution
| Moody's | S&P |
|---|---|
| A1 (Stable) uninsured | A (Stable) uninsured |
| A2 insured | AA insured |
| Series | Amount | Insurer1 |
|---|---|---|
| Series J | $560,055,000 | Uninsured |
| Series K | $629,375,000 | Assured Guaranty Municipal - formerly FSA |
| Series L | $401,960,000 | Uninsured |
| Series M | $857,625,000 | Uninsured |
| Series N | $450,000,000 | Uninsured |
| Series O | $540,090,000 | Uninsured |
| Total: | $3,439,105,000 | 1Portions of each series are insured, unless otherwise noted. |
PURPOSE: The Series J Bonds were issued (i) to fund a portion of the cost of the Authority's Multi-Year Capital Program (ii) to provide funds to refund a portion of the Authority's General Revenue Bonds, Series F and Series G (iii) make a deposit to the Senior Debt Service Reserve Fund, and (iv) pay the Costs of Issuance of the Series J Bonds. The Series K Bonds were issued (i) to provide funds to refund certain of the Authority's outstanding bonds and (ii) to pay Costs of Issuance of the Series K Bonds. The Series L Bonds were issued (i) to provide funds to refund certain of the Authority's outstanding bonds and (ii) to pay the Costs of Issuance of the Series L Bonds. The Series M Bonds were issued to provide funds to refund certain of the Authority's outstanding bonds, and to pay the Costs of Issuance of the Series M Bonds. The Series N Bonds were issued to (i) fund a portion of the Authority’s Multi-Year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series N Bonds, and (iv) pay the Costs of Issuance of the Series N Bonds. The Series O Bonds are being issued to (i) fund a portion of the Authority’s Multi-Year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series O Bonds, (iv) refund certain outstanding Bonds, and (v) pay the Costs of Issuance of the Series O Bonds.
SECURITY: The Bonds are direct and general obligations of the Authority secured by a pledge of revenues and funds established under the Resolution. The Senior Debt Service Reserve Fund Requirement is equal to the Maximum Annual Debt Service.
DEBT SERVICE COVERAGE: Calendar Year 2021 net revenues of $447.4 million provided 1.86 times coverage of annual debt service requirements of $240.5 million.